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Haivision Announces Results for the Three Months Ended January 31, 2025

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MONTREAL, March 13, 2025 /PRNewswire/ – Haivision Systems Inc. (“Haivision” or the “Company”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, today announced its results for the first quarter ended January 31, 2025.

“Our transition from the systems integrator model to that of a manufacturer in the control rooms space is complete,” said Mirko Wicha, President and CEO of Haivision. “With the recent increase in control room business, together with the U.S. Navy production contract kicking into gear, we expect our second half revenue to be compelling” added Mr. Wicha.

Q1 2025 Financial Results

Revenue of $28.2 million was down $6.4 million from the same prior year period, the result of  delays in certain procurement processes and our continued transition away from the integrator model in the control room spaceGross Margins* were 72.0%, compared to 72.9% for the same prior year period.Total expenses were $22.5 million, a decrease of $0.5 million from same prior year period.Operating loss was $2.2 million, compared to operating income of $2.3 million for same prior  year period.Adjusted EBITDA* was $0.4 million, compared to $5.2 million for the same prior year period.Adjusted EBITDA Margins* was 1.4% compared to 14.9% for the same prior year period.Net loss was $1.1 million, compared to net income of $1.3 million for the same prior year period.

Recent Company Highlights

Published its sixth annual Broadcast Transformation Report, highlighting the state of technology adoption in the broadcast industry.Haivision wins ISE Best in Show award for Haivision Command 360 video wall solutions for operations centers.Awarded the IBC Innovation Award for its live video contribution solution over private 5G networks at the summer games in Paris.Haivision joins consortium with Airbus Defense and Space to develop new technologies for rapid, secure, and reliable communications.Haivision MCS awarded US$61.2 million (CAD$82 million) production agreement by U.S. Navy for next-generation combat visualization and video distribution systems.Haivision collaborates with Shield AI to bring together full-motion video with AI object detection for defense and ISR applications.France Television provides exclusive coverage of the Paris 2024 Olympic surfing competition with Haivision’s private 5G video transmission ecosystem.Celebrated its 20-years anniversary as a leader and innovator in mission critical live video.Unveiled Hub 360, a cloud-based master control solution that streamlines live production workflows.

“Although we did experience a modest decline in gross margins in the period, the result of certain fixed production costs on lower overall revenue, we have been able to maintain a consistent cost structure, a significant outcome in an environment of stronger US dollars and Euros.  Said Dan Rabinowitz, EVP and Chief Financial Officer.  “Fortunately, this efficient cost structure enabled us to continue the trend of positive Adjusted EBITDA even upon weaker than expected first quarter revenues.  As we revert to higher revenue growth in the second half of this fiscal year, we anticipate our Adjusted EBITDA margins to revert back to expectation.” added Mr. Rabinowitz.

Financial Results

Revenue for the three months ended January 31, 2025 was $28.2 million a decline of $6.4 million when compared to the prior year.  Revenues were impacted by delays in certain procurement process; and our continued  transition away from the integrator model in the control room space. Gross Margin* for the three months ended January 31, 2025 was 72.0% compared to 72.9% the prior year comparable periods. Gross Margin* in quarters with lower revenues may experience compressed Gross Margins* as there are fixed components of COGS    Total expenses for the three months ended January 31, 2025 were $22.5 million a decrease of $0.5 million from the prior year comparative period largely related to decreases in amortization and depreciation expenses.   

Lower year-over-year revenues was a primary driver of the $2.2 million operating loss for the three months ended January 31,, 2025 compared to the $2.3 million operating income for the prior year comparative period.  Similarly, Adjusted EBITDA* for the three months ended January 31, 2025 was $0.4 million a decrease of $4.8 million from the prior year comparative period.  The results was Adjusted EBITDA Margins* for the three months ended January 31, 2025 of 1.4% compared to 14.9% in the prior year comparative period.

Net loss for the three months ended January 31, 2025, was $1.1 million compared to net income of $1.3 million for the prior year comparative period.  The $2.4 million decrease in net income is largely related to the decrease in year-over-year revenue resulting in a $4.9 million decrease in gross profit. However, this decrease was partially offset by the $2.0 million decrease in income taxes and the $0.5 million decrease in total expenses.  

*Measures followed by the suffix “*” in this press release are non-IFRS measures. For the relevant definition, see “Non-IFRS Measures” below. As applicable, a reconciliation of this non-IFRS measure to the most directly comparable IFRS financial measure is included in the tables at the end of this press release and in the Company’s management’s discussion and analysis for the three months ended January 31, 2025.

Conference Call Notification

Haivision will hold a conference call to discuss its fourth quarter and full year financial results on Thursday, March 13, 2025 at 5:15 pm (ET). To register for the call, please use this link https://registrations.events/direct/Q4I334142.  After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry.

Financial Statements, Management’s Discussion and Analysis and Additional Information 

Haivision’s consolidated financial statements for the first quarter ended January 31, 2025 (the “Q1 Financial Statements”), the management’s discussion and analysis thereon and additional information relating to Haivision and its business can be found under Haivision’s profile on SEDAR+ at www.sedarplus.ca. The financial information presented in this release was derived from the Q1 Financial Statements.

Forward-Looking Statements

This release includes “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including, without limitation, statements regarding the Company’s growth opportunities and its ability to execute on its growth strategy. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking statements are necessarily based on opinions, assumptions and estimates that, while considered reasonable by Haivision as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in the Company’s latest annual information form, and in other periodic filings that the Company has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Haivision. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Haivision undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws.

Non-IFRS Measures

Haivision’s consolidated financial statements for the first quarter ended January 31, 2025 are prepared in accordance with International Financial Reporting Standards (“IFRS”).  As a compliment to results provided in accordance with IFRS, this press release makes reference to certain (i) non-IFRS financial measures, including “EBITDA”, and “Adjusted EBITDA”, (ii) non-IFRS ratios including “Adjusted EBITDA Margin”, and (iii) supplementary financial measures including “Gross Margins” (collectively “non-IFRS measures”). These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For information on the most directly comparable financial measure disclosed in the primary financial statements of Haivision, composition of the non-IFRS measures, a description of how Haivision uses these measures and an explanation of how these measures provide useful information to investors, refer to the “Non-IFRS Measures” section of the Company’s management’s discussion and analysis for the three months ended January 31, 2025, dated March 13, 2025, available on the Company’s SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income or comparable metrics determined in accordance with IFRS as indicators of the Company’s performance, liquidity, cash flow and profitability.

About Haivision

Haivision is a leading global provider of mission-critical, real-time video streaming and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations globally to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded four Emmys® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. Learn more at haivision.com. 

Thousands of Canadian dollars (except per share amounts)

Three months ended

January 31,

2025

2024

($)

($)

Revenue

28,161

34,579

Cost of sales

7,878

9,386

Gross profit

20,283

25,193

Expenses

Sales and marketing

6,516

6,655

Operations and support

4,631

3,996

Research and development

7,122

7,028

General and administrative

3,814

4,891

Share-based payment

384

348

22,467

22,918

Operating (loss) income

(2,184)

2,275

Financial expenses

168

299

(Loss) income before income taxes

(2,352)

1,976

Income taxes

Current

(1,669)

839

Deferred

396

(140)

(1,273)

699

Net (loss) income

(1,078)

1,277

Other comprehensive income

Foreign currency translation adjustment

2,481

(2,576)

Comprehensive income (loss)

1,403

(1,299)

Net loss per share

 Net income (loss) per share (basic and diluted)

$0.04

$0.04

 Weighted average number of shares outstanding

          Basic

28,358,732

29,029,978

          Diluted

28,358,732

30,189,088

 

 

Thousands of Canadian dollars

As at

January 31,
2025

October 31,
2024

$

$

Assets

Current assets

             Cash

16,640

16,471

             Trade and other receivables

21,813

23,843

             Investment tax credits receivable

2,465

1,941

             Income tax receivable

917

—

             Inventories

16,374

14,926

             Prepaid expenses and deposits

4,089

4,035

62,298

61,216

Property and equipment

4,336

4,241

Right-of-use assets

5,555

4,669

Intangible assets

10,148

11,241

Goodwill

47,986

46,721

Non-refundable investment tax credits receivable

6,651

6,523

Deferred income taxes

6,893

6,704

81,569

80,099

143,867

141,315

Liabilities

Current liabilities

            Line of credit

4,932

2,227

            Trade and other payables

15,873

16,371

            Income taxes payable

—

625

            Current portion of lease liabilities

1,701

1,380

            Current portion of term loans

1,121

1,150

            Deferred revenue

14,098

14,245

37,725

35,998

Lease liabilities

4,542

4,047

Long term debt

3,345

1,463

Deferred revenue

1,169

3,011

46,781

44,520

Equity

Share capital

88,682

88,742

Retained earnings

(7,347)

(6,110)

Share-based compensation and other reserves

4,638

5,399

Cumulative translation adjustment

11,113

8,764

97,086

96,796

142,950

141,315

Thousands of Canadian dollars

Three months ended

 January 31,

2025

2024

($)

($)

Net (loss) income

(1,078)

1,277

 

Income Taxes

(1,273)

699

Income before income taxes

(2,352)

1,976

Depreciation

891

838

Amortization

1,299

1,708

Financial expenses

168

299

EBITDA(1)

6

4,821

   Share-based payment (LTIP)

384

348

Adjusted EBITDA(1)

390

5,169

Adjusted EBITDA Margin(1)

1.4 %

14.9 %

______________________

Note:

(1) Non-IFRS measure. See “Non-IFRS Measures.”

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SOURCE Haivision Systems Inc.

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When Trade Reaches New Markets, Money Has to Keep Pace

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November 5, 2026

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What conversations at the 140th Canton Fair reveal about market expansion, working capital and the growing role of stablecoins in cross-border commerce.

HONG KONG, Nov. 5, 2026 /PRNewswire/ — Ask an exporter walking the halls of the third phase of the 140th Canton Fair who their buyers are this year, and the answer looks different than it did five years ago. Alongside familiar names from Western Europe and North America are buyers from across the Middle East, South Asia, and North Africa, sourcing footwear, apparel, auto parts and medical devices in volumes that have stopped being a side conversation.

A garment exporter describing growing order volume into South Asian markets. A newly verified auto parts buyer placing orders out of North Africa. A travel platform at the fair asking not for a product demo but for an API integration. None of these are isolated anecdotes. They describe where a meaningful share of demand at this fair is actually coming from, and that map is shifting faster than the financial infrastructure built to serve it.

Real Demand, a Financial Network Still Catching Up

The conventional narrative treats these markets as marginal because they are harder to serve. That framing gets the problem backwards. The difficulty is not a lack of buying power. It is that the financial plumbing connecting these corridors to suppliers has not caught up with the demand now moving through them. Correspondent banking networks reaching into these regions tend to be thinner, local currency convertibility is often inconsistent, and a conventional wire transfer can take days to clear with fees that are hard to predict in advance.

That is why, in booth-side conversations this year, buyers increasingly ask less about price and more about settlement: whether there is a stablecoin channel, whether a direct API integration is possible. That is not a crypto preference showing up at a trade fair. It is a search for certainty, in corridors where the conventional banking system does not offer much of it.

The categories at the center of this phase of the fair, apparel, footwear, auto parts and medical devices, mostly run on tight seasonal production calendars oriented around year-end demand. Factories commit to raw materials and labor well before a buyer’s final payment clears. When settlement with a new, geographically distant buyer takes several days to move through multiple correspondent banks, that is not a minor inconvenience. It is a direct hit to how much working capital a factory can keep in motion during its busiest quarter.

The real risk for these exporters is no longer simply whether a buyer will pay. It is whether the payment will land fast enough to keep production and shipping on schedule. In a quarter with zero slack in the calendar, a payment delay and a cash flow problem are the same thing.

Two Rails, One System

This is the specific problem PhotonPay’s infrastructure is built to close. Its multi-asset wallet holds fiat currencies and stablecoins together, rather than treating them as separate systems a business has to manage on its own. Local collection capabilities span more than twenty currencies, giving exporters a way to receive payment close to where their buyers actually are. Integrated on- and off-ramp services connect fiat and stablecoins directly, 24/7 foreign exchange removes the constraint of banking hours, and global payouts in fiat or stablecoin reach more than 200 countries and territories.

The need for connected financial infrastructure extends beyond businesses managing their own cross-border transactions. Travel platforms, cross-border ERP providers and other technology businesses are increasingly looking to integrate financial services directly into their products and workflows. Through its embedded finance capabilities, PhotonPay enables platforms to incorporate global accounts, payments and card issuing without having to build the underlying financial infrastructure themselves. The company now works with more than 100 enterprise and platform partners, extending its Financial OS into a broader range of business applications.

PhotonPay recently closed a US$40 million Series C round to accelerate the development of its stablecoin-centric Financial Operating System (Financial OS). The new capital will support the expansion of its multi-asset wallet capabilities, global card issuing and local clearing infrastructure in key markets, as well as the development of an agent-ready financial execution layer. Together, these investments will strengthen the infrastructure connecting global liquidity with local financial networks, while preparing the platform for increasingly automated financial workflows.

As the buyer base for exporters expands into a wider range of markets, the ability to move money efficiently will become an increasingly important part of global competitiveness. Businesses need more than access to new buyers; they need financial infrastructure that allows them to collect, convert and deploy capital across borders with greater flexibility. Trade routes are expanding. The financial infrastructure supporting them needs to keep pace.

About PhotonPay

Founded in Hong Kong in 2015, PhotonPay is a global fintech company building a next-generation, stablecoin-centric Financial Operating System (Financial OS). Its API-first architecture brings together multi-asset wallets supporting stablecoins and fiat currencies, global money movement, foreign exchange, global card issuing, embedded finance, and local clearing infrastructure, connecting digital and traditional financial rails within an integrated financial system.

PhotonPay operates 16 offices worldwide, employs nearly 600 people, and holds 34 payment and financial licenses and regulatory authorizations across the Americas, Europe and Asia. The company serves businesses across more than 200 countries and territories.

For more information, visit www.photonpay.com.

Disclaimer

This material is for general informational purposes only and does not constitute legal, regulatory, tax, accounting, or investment advice, nor an offer or solicitation for any product or service. The availability, features, and regulatory treatment of PhotonPay’s products and services may vary depending on the user’s location, business model, and the laws and regulations that apply. Any descriptions of functionality, performance, efficiency, cost savings, or compliance support (including, without limitation, references to “real‑time”, “24/7”, “high‑efficiency”, or “compliant” solutions) are aspirational or forward‑looking in nature. Actual outcomes may differ due to market conditions, technological constraints, and regulatory developments, and PhotonPay makes no express or implied representation, warranty, or guarantee as to the achievement of any particular result.

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SOURCE PhotonPay

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Finshape launches Agentic DBOS: agentic AI already supporting digital banking projects

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November 5, 2026

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PRAGUE, Nov. 5, 2026 /PRNewswire/ — Finshape has launched Agentic DBOS (ADBOS), adding agentic AI to its established Digital Bank Operating System (DBOS). The solution helps banks analyse, design, develop, test and launch digital services faster, while helping them understand customer needs, deliver hyper-personalised interactions and improve customer servicing.

ADBOS is already in use, including in projects for OTP Group. Finshape’s delivery team uses ADBOS agents in its daily work, and the first digital application developed with their support is now in production. In recent Finshape projects, initial production versions of digital services went live in 6–7 months using ADBOS, compared with 9–12 months for comparable MVPs developed previously.

Banks can benefit from faster delivery, better user and customer experiences, lower servicing costs and new revenue opportunities. But in a highly regulated industry, AI must be predictable, auditable and firmly under banks’ control. ADBOS builds on DBOS, used by more than 100 banks worldwide, and Finshape’s three decades of banking expertise. Its AI agents work with banking platforms already in place.

“ADBOS marks a turning point for Finshape and for our clients. It’s a new way for banks to build, launch and scale digital experiences, faster and smarter than ever before. Banks don’t need another layer of technology. They need a foundation built for what comes next. ADBOS is that foundation. It gives banks the speed, intelligence and control to compete on their own terms.”

— Neil Budd, CEO, Finshape

“The project is progressing at a strong pace, and the close cooperation between our teams has played an important role in that. We are happy with the way we are working together and with the results delivered so far, and we look forward to building on this momentum.”

— András Sebők, CIO, OTP Bank

About Finshape

Finshape provides digital banking solutions backed by more than 36 years of experience. Its 600-plus employees support 116 banking clients across 44 countries, helping financial institutions accelerate digital transformation, improve operational efficiency and strengthen digital customer interactions.

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Sasken Selected to Support Strategic Connectivity Platform Programme with Leading European Automotive Software Company

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November 5, 2026

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Multi-year engagement spans software, hardware and validation services for next-generation telematics control units

BENGALURU, India, Nov. 5, 2026 /PRNewswire/ — Sasken Technologies Ltd. (BSE: 532663) (NSE: SASKEN), a global leader in product engineering and embedded software solutions, today announced a multi-year engineering engagement with the software company of a leading European automotive group. Under the programme, Sasken will provide software development, systems integration, hardware engineering and validation services to support the development and commercialisation of next-generation telematics control units (TCUs) for global vehicle platforms. The engagement further strengthens Sasken’s position as a trusted engineering partner for connected, software-defined vehicles.

As the automotive industry accelerates its transition toward software-defined vehicles, telematics platforms have become a critical foundation for connected services, over-the-air updates, diagnostics, fleet management, cybersecurity and future mobility applications. The programme leverages Sasken’s expertise across cellular technologies, modem platforms, embedded software, hardware engineering, system validation and connected mobility solutions to accelerate product readiness and deployment across multiple international markets.

The engagement validates Sasken’s chip-to-cognition approach by bringing together capabilities across silicon platforms, connectivity technologies, embedded systems, hardware design and large-scale validation. This end-to-end engineering capability enables Sasken to support customers from platform architecture and hardware development through software integration, testing and commercial deployment.

The programme will involve close collaboration between Sasken and customer engineering teams across hardware design, software development, integration and validation activities. The joint focus will be on delivering production-grade telematics solutions that meet the performance, quality and reliability requirements of global vehicle programmes.

Speaking about the engagement, Tero Pernu, Head of Business, Finland & EU, Sasken Technologies, said:

“This engagement demonstrates the customer’s confidence in Sasken’s ability to support complex automotive connectivity programmes spanning hardware, software and validation domains. Modern telematics platforms are becoming increasingly central to the connected vehicle experience, requiring deep expertise across multiple technology layers. By combining our automotive engineering capabilities with advanced connectivity and product development expertise, we will help accelerate the delivery of next-generation telematics solutions to global markets. We look forward to building a long-term strategic collaboration and creating measurable value throughout the programme lifecycle.”

Reliable connectivity is a key enabler of modern vehicle services and future mobility experiences. Sasken contributes deep expertise in telematics platforms, cellular technologies, product engineering, and validation, supporting the development and deployment of next-generation TCU platforms across global markets. This collaboration is expected to play an important role in enabling advanced connected mobility solutions and delivering seamless user experiences worldwide.

Speaking on the occasion, Rajiv C. Mody, Chairperson, Managing Director and CEO, Sasken Technologies, said:

“The automotive industry is undergoing one of the most significant transformations in its history as vehicles become increasingly connected, intelligent and software-driven. This strategic engagement highlights Sasken’s ability to support global OEMs in delivering complex product engineering programmes that span hardware, software and connectivity domains. It further strengthens our position as a partner of choice for connected mobility innovation and reinforces our long-term growth strategy in the automotive sector.”

The programme will be delivered through Sasken’s global engineering organisation, combining specialised automotive expertise in Europe with the company’s broader product engineering capabilities. The engagement expands Sasken’s automotive footprint and supports continued growth in connected mobility, next-generation connectivity solutions and software-defined vehicle technologies.

About Sasken Technologies

Sasken Technologies is a global leader in Product Engineering and Embedded Software, delivering concept-to-market and chip-to-cognition R&D solutions across semiconductors, automotive, industrials, consumer electronics, smart devices, satellite communications, telecom and transportation. For more than 36 years, Sasken has supported over 100 Fortune 500 companies and powered more than a billion devices worldwide. With engineering and delivery centres in India, Finland, Germany, Japan, China and the United States, Sasken helps customers solve complex engineering challenges across the product lifecycle.

For more information, visit www.sasken.com.

 

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SOURCE Sasken Technologies

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